Power 15 warranty for 458 Spider
Discussion
My 458 Spider warranty provided by the dealership runs out shortly and I am looking for views on what to do for the future. The car is 11 years old and has done 12,000 miles and will do about 2500 miles per year. Power15 is about £3700 in addition to the annual service for an Annual 2 service …. An expensive year.
I would welcome any thoughts as to whether to go ahead with the Power15 or not ?
I would welcome any thoughts as to whether to go ahead with the Power15 or not ?
Not quite sure why you are asking this question again
https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Hi, you’ll get answers to this question that say don’t do it and keep the money in a pot for rainy days.
I have always had the warranty and it costs me £2800 as you get a 30% discount for renewing without a claim..So you might be able to negotiate on that price you’ve been quoted.
I have it to cover expensive items like the gearbox and engine.
Having said that, I’ve just had a £3k claim authorised for an issue with the suspension.
Apart from some peace of mind, in speaking to Ferrari, they value cars that have been kept under warranty as it has to pass an inspection each year to renew. It obviously keeps the car in the franchised network - which is clearly Ferraris aim. But I also believe when you eventually sell, it is a plus to have always had it under warranty.
As the cars get older, the number being kept under warranty and in the dealer network is dropping quickly. If you are going to keep the car for a few years then this might be a plus. Buyers will know that you have had to keep the car in 100% condition without cutting any maintenance corners. The 458 is a special car and highly maintained examples will hold their value well - albeit that you are spending 5k a year to keep it that way.
What I do is to have the car mot done at a specialist before sending it off to Ferrari for a service. If the specialist spots anything I can get them to do it first.
Finally, the warranty is like any insurance product. When you don’t claim you wish you hadn’t paid for it. When you do have an issue and a big bill, you’ll wish you had the warranty.
Hope this helps!
I have always had the warranty and it costs me £2800 as you get a 30% discount for renewing without a claim..So you might be able to negotiate on that price you’ve been quoted.
I have it to cover expensive items like the gearbox and engine.
Having said that, I’ve just had a £3k claim authorised for an issue with the suspension.
Apart from some peace of mind, in speaking to Ferrari, they value cars that have been kept under warranty as it has to pass an inspection each year to renew. It obviously keeps the car in the franchised network - which is clearly Ferraris aim. But I also believe when you eventually sell, it is a plus to have always had it under warranty.
As the cars get older, the number being kept under warranty and in the dealer network is dropping quickly. If you are going to keep the car for a few years then this might be a plus. Buyers will know that you have had to keep the car in 100% condition without cutting any maintenance corners. The 458 is a special car and highly maintained examples will hold their value well - albeit that you are spending 5k a year to keep it that way.
What I do is to have the car mot done at a specialist before sending it off to Ferrari for a service. If the specialist spots anything I can get them to do it first.
Finally, the warranty is like any insurance product. When you don’t claim you wish you hadn’t paid for it. When you do have an issue and a big bill, you’ll wish you had the warranty.
Hope this helps!
Trev450 said:
Not quite sure why you are asking this question again
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Probably me not understanding how the forum works !!https://www.pistonheads.com/gassing/topic.asp?h=0&...
I'm sure I paid alot less then that for the power 15 last summer on my 458. But I could be mistaken.
The last thing my warranty covered was some rear item on the suspension that can't be individually replaced some comes as a whole unit. would have been 2000ish + fitting. All covered.
It did not however cover my cracked front discs last month.
The last thing my warranty covered was some rear item on the suspension that can't be individually replaced some comes as a whole unit. would have been 2000ish + fitting. All covered.
It did not however cover my cracked front discs last month.
I replied on the other thread.
I don’t run a warranty and I have a good indie which makes the bills way cheaper in the first place.
But I’ve not really had it long enough to say that it’s paid off. Certainly has with previous cars.
Though I’m really not a fan of main dealers and so the warranty isn’t really a possibility for me.
I don’t run a warranty and I have a good indie which makes the bills way cheaper in the first place.
But I’ve not really had it long enough to say that it’s paid off. Certainly has with previous cars.
Though I’m really not a fan of main dealers and so the warranty isn’t really a possibility for me.
ANOpax said:
I'm one of those who puts the warranty money in a contingency pot.
So far I'm £45k ahead and the best thing about my contingency pot is that, unlike the Ferrari warranty, it covers everything and always pays out.
This makes me think Ferraris are reliable if you have that much in the pot or is that over a few cars?So far I'm £45k ahead and the best thing about my contingency pot is that, unlike the Ferrari warranty, it covers everything and always pays out.
Edited by ANOpax on Wednesday 15th May 22:57
Coxey said:
This makes me think Ferraris are reliable if you have that much in the pot or is that over a few cars?
First one, then two. Converted into ownership years, it's 14 years across four different F-cars (F355, FF, Cali & F12). The only non-servicing repair bills have been;1 Spark plug
1 Fuel pump
1 pair of magnetic dampers
1 Parking sensor (taken out by a stone so not really a failure)
Non of the above were, or would have been covered by Ferrari's warranty. The fuel pump failure should have been covered according to the Ts&Cs of the warranty but Ferrari refused, claiming that it failed because the tank had been run dry even though the pump failed less than 300 miles after the warranty inspection and application of the warranty. That's the day I vowed not to bother with the warranty ever again and I'm £45k better off for it.
andyr said:
I haven’t had a car accident in 30 years either, but I still pay insurance.
I'm not sure what point you're trying to make given that accident insurance a legal requirement. Regardless of that, accident insurers profit from you just as mechanical insurers (warranty providers) do. You made the point earlier in the thread that you choose to insure your risks with other people. That's fine. However, self-insurance is just as valid and doesn't change the odds of a mechanical failure or a car accident as both events are independent of whether you're insured or not.
ANOpax said:
I'm one of those who puts the warranty money in a contingency pot.
So far I'm £45k ahead and the best thing about my contingency pot is that, unlike the Ferrari warranty, it covers everything and always pays out.
Result! So far I'm £45k ahead and the best thing about my contingency pot is that, unlike the Ferrari warranty, it covers everything and always pays out.
Edited by ANOpax on Wednesday 15th May 22:57
I cant recall on anything over 5 years plus where self insuring wasn’t better option for me, short term dofferent story tho
I bought my 430 a few years ago, and didn't get a warranty with it. In the first year I had a major failure of the F1 system, requiring me to have the system replaced at a cost of around £5000. So, do I regret not getting that warranty? No I do not. A warranty that would have covered the full cost of such a breakdown would have cost almost as much as the work itself, I might have only ended up a little over £1000 better off even after a very serious fault like that. And over 3 years that is the only significant issue the car had, other than wear related things that would be excluded anyway. Had I run it under a warranty all that time I would be over £7000 worse off.
What you are really paying for with a warranty isn't having your costs covered in the case of a breakdown. Everyone knows that in a long enough time frame (i.e. more than just a few years) you're better off putting that money aside as a repair fund. What you are paying for is peace of mind; the ability to drive your car knowing that if something goes bang you won't need to lose a chunk of savings. For some people that voice in their head that tells them every squeak and rattle is the start of a massive bill ruins their enjoyment of the car. Others can switch that voice off and just enjoy the car knowing they have the funds if disaster strikes. And only you know what your peace of mind is worth, so only you know what a warranty is worth.
What you are really paying for with a warranty isn't having your costs covered in the case of a breakdown. Everyone knows that in a long enough time frame (i.e. more than just a few years) you're better off putting that money aside as a repair fund. What you are paying for is peace of mind; the ability to drive your car knowing that if something goes bang you won't need to lose a chunk of savings. For some people that voice in their head that tells them every squeak and rattle is the start of a massive bill ruins their enjoyment of the car. Others can switch that voice off and just enjoy the car knowing they have the funds if disaster strikes. And only you know what your peace of mind is worth, so only you know what a warranty is worth.
Thank you all for your comments. I am almost certainly not going for the warranty and will keep savings for major expenses should they arise. The car will be serviced by a main dealership this year and I will consider an independent company in the future as I have an outstanding one near by. Shopped around for service costs and surprised with different quotes for same Annual service 2 from different dealers. Location of dealer makes a big difference in price !
The real issue here is not the concept of the warranty, but the high price and poor coverage of the Ferrari warranty. If it's £5k per annum and excludes many major claims (leaks, seals, shocks etc) then it pretty quickly becomes better to self-insure particularly if you believe the car will be owned for many years. I would not buy a warranty at that price for the little coverage it provides, particularly when major engine failures in Ferraris are virtually unheard of.
By comparison, I'd buy warranties on Porsches, as they have far better coverage and cost far less. On any 911 including a GT3/Turbo for example a 3 year extension is £2,970, which is £82 per month for a warranty that covers the same as the new car one and can be extended to 15 years. That's cheap 'peace of mind' in comparison.
By comparison, I'd buy warranties on Porsches, as they have far better coverage and cost far less. On any 911 including a GT3/Turbo for example a 3 year extension is £2,970, which is £82 per month for a warranty that covers the same as the new car one and can be extended to 15 years. That's cheap 'peace of mind' in comparison.
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